When Modigliani and Miller wrote, there was a differential tax rate between dividends and capital gains.

莫迪利阿尼和米勒写到,如果在股利和资本收益间,有一个随其他因素变化的税率

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So, in addition to losing $9.9 billion, there were capital gains' distributions of $3.3 billion dollars representing about 24% of the money that was invested.

所以,除了损失的99亿美元以外,基金中的另外33亿美元还是有收益的,占投资金额的24%

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Dividend income or capital gains income in the stock market is taxed differently.

股息收入或者资本利得收入,适用的税率是完全不同的

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It was--Modigliani and Miller said back then-- this was thirty or forty years ago-- that companies should really not pay dividends because dividends were then taxed at a higher rate than capital gains.

莫迪利阿尼和米勒说在那时候,大概30或40年前,公司不应分配股利,因为对股利征税的税率比对资本收益高

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However, that all changed in 2003 with the Jobs and Growth Tax Reconciliation Act of 2003, which cut the rate of taxation of dividends to 15%-- the same rate that capital gains are taxed.

但在2003年这些都变了,2003年颁布的《就业与进一步减税协调法案》,将股利的税率减至15%,与资本收益的征税率相同

耶鲁公开课 - 金融市场课程节选